Mexican peso continues to advance on optimism over new government
The local currency advanced slightly in a market closely watching developments in the Middle East conflict and awaiting economic data from both Mexico and the United States.
The Mexican peso appreciated against the U.S. dollar on Thursday. The local currency made slight gains in a market focused on the ongoing Middle East conflict, as well as upcoming economic data from Mexico and the U.S.
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The exchange rate closed the day at 19.3662 pesos per dollar. Compared to the previous day’s rate of 19.4162, based on official data from the Bank of Mexico (Banxico), this movement represents a gain of 5 cents or 0.25% for the peso. The dollar’s price moved within a range, reaching a high of 19.5770 pesos and a low of 19.2919 pesos. The U.S. Dollar Index (DXY), from the Intercontinental Exchange, which measures the dollar against a basket of six major currencies, rose 0.30% to 101.98 points.
After losing ground earlier in the session amid concerns over escalating tensions between Iran and Israel, the peso recovered, with traders closely monitoring U.S. economic data ahead of a key report. Initial jobless claims in the United States increased by 6,000 last week to a seasonally adjusted 225,000, according to the Labor Department. Economists polled by Reuters had expected a figure of 220,000.
Investors are now looking ahead to the release of the non-farm payrolls report tomorrow, which will provide insights into the strength of the U.S. economy and the future of Federal Reserve interest rates, following a recent easing.
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